The trustee acts as the legal owner of trust assets and is responsible for handling any of the assets held in trust, filing taxes for the trust and distributing the assets according to the terms of the trust.
Who Can Be a Trustee?
Many individuals choose to name a corporate trustee who has the ability to serve as a regulated, impartial third party and the professional experience and broad resources to manage even the most complex situations.
If you’ve been named to serve as a trustee, these guidelines provide an overview of some of the duties you would generally be expected to perform. The trustee’s role is to administer and distribute the assets in the trust according to the grantor’s wishes, as expressed in the trust document.
Trustees have many responsibilities, which include at least:
For more, read our related article, “The Who, What, When, Where, Why, and How of Trusteeship.”
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